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DEFERRED REVENUE
9 Months Ended
Dec. 31, 2022
Deferred Revenue  
DEFERRED REVENUE

NOTE 8. DEFERRED REVENUE

 

Deferred revenues in the aggregate amount of $35,556 as of December 31, 2022, were comprised of a current component of $13,333 and a long-term component of $22,223. Deferred revenues in the aggregate amount of $45,559 as of March 31, 2022, were comprised of a current component of $13,333 and a long-term component of $32,226. These line items represent the unamortized amounts of a $200,000 advance payment received for a TAGI Pharma (“TAGI”) licensing agreement with a fifteen-year term beginning in September 2010 and ending in August 2025. These advance payments were recorded as deferred revenue when received and are earned, on a straight-line basis over the life of the licenses. The current component is equal to the amount of revenue to be earned during the 12-month period immediately subsequent to the balance sheet date and the long-term component is equal to the amount of revenue to be earned thereafter.